We are also actively managing our capital so that we can provide a good return to our shareholders while planning for longer-term growth.

we are also actively managing our capital so that we can provide a good return to our shareholders while planning for longer-term growth


The delivery opportunity has enabled a different yet not unusual competitive retail environment in China.

the delivery opportunity has enabled a different yet not unusual competitive retail environment in china


First, we will work to educate physicians and create greater urgency for them to treat appropriate uncontrolled gout patients.

first we will work to educate physicians and create greater urgency for them to treat appropriate uncontrolled gout patients


As we balance our investment to match the adjusted timing of program ramps, we are maintaining a tight rein on labor management.

as we balance our investment to match the adjusted timing of program ramps we are maintaining a tight rein on labor management


The business is less and less sensitive at the bottom line, even though we may have times where there's difficulties at the top line.

the business is less and less sensitive at the bottom line even though we may have times where there's difficulties at the top line


The third area of focus is to leverage our proven success in the transportation independent contractor space

the third area of focus is to leverage our proven success in the transportation independent contractor space


Our ongoing cash flow from operations continued to enable us to deploy cash to advance our strategic blueprint.

our ongoing cash flow from operations continued to enable us to deploy cash to advance our strategic blueprint


And Wyndham Vacation Ownership had a great operational quarter, as we saw the benefits of various initiatives, new sales processes,

and wyndham vacation ownership had a great operational quarter as we saw the benefits of various initiatives new sales processes


reflecting the actions we took to maximize value and the enhanced visibility we have on this segment.


This rapid adoption of Vonage Business Cloud is the result of significant investments in functionality,

this rapid adoption of vonage business cloud is the result of significant investments in functionality


Brazil remains challenging due to continued economic weakness. Our chocolate business delivered a third consecutive quarter of growth

brazil remains challenging due to continued economic weakness our chocolate business delivered a third consecutive quarter of growth


This platform was affected by lower sales compounded by operational challenges, resulting from supplier issues,

this platform was affected by lower sales compounded by operational challenges resulting from supplier issues


as well as positive impacts from the refinements in our risk management strategy for product guarantees that we implemented last year.


that this is a business that has had 14 consecutive years of positive net flows from institutional clients.


I want to acknowledge the strong partnership and team based approach that we have established with the best organization in Wisconsin.

i want to acknowledge the strong partnership and team-based approach that we have established with the vesta organization in wisconsin


And I think that's as much a driver as Win 10, relative to what's going on with the notebook world

and i think that's as much a driver as wind 10 relative to what's going on with the notebook world


And I think -- look, I don't know that we're in any particular inning. I will tell you, if you think about just

and i think -- look i don't know that we're in any particular inning i will tell you if you think about just


So we may have already seen the bottom for these markets and as exhibited by our strong financial results, have managed through it quite well.

so we may have already seen the bottom for these markets and as exhibited by our strong financial results have managed through it quite well


As a reminder, we will annualize the divestiture of Diamond Crystal Brands early in the third quarter.

as a reminder we will annualize the divestiture of diamond crystal brands early in the third quarter


solid our business is and how strong that balance is. But I mean, we do believe that we'll get through this

solid our business is and how strong that balance is but i mean we do believe that we'll get through this


The Canadian dollar was flat to our assumption for our budgets. The Brazil real was well below our budget. The Argentine peso was slightly below

the canadian dollar was flat to our assumption for our budgets the brazilian real was well below our budget the argentine peso was slightly below


While our first quarter is being impacted by an inventory correction in smartphones, we expect this to largely be behind us by the end of the quarter

while our first quarter is being impacted by an inventory correction in smartphones we expect this to largely be behind us by the end of the quarter


As we continue to align with our most important partner, we are transitioning the core of our business to be focused on entertainment first,

as we continue to align with our most important partner we are transitioning the core of our business to be focused on entertainment first


On the video game side, we set records with our Switch launch around the world, returning vibrancy to the physical video game category.

on the video game side we set records with our switch launch around the world returning vibrancy to the physical video game category


So the capital risk will be with our manufacturing partner in that scenario. But obviously,

so the capital risk will be with our manufacturing partner in that scenario but obviously


But we listened to the customers. I think we're doing the right thing. We're spending a lot more money than we had originally planned,

but we listen to the customers i think we're doing the right thing we're spending a lot more money than we had originally planned


for the full procedure. So all-in, it's going to take at least 90 days to get them certified just because of the duration of the sensor.

for the full procedure so all in it's going to take at least 90 days to get them certified just because of the duration of the sensor


With respect to our operating plan for 2017, I'd like to share with you a few of our key priorities. First,

with respect to our operating plan for 2017 i'd like to share with you a few of our key priorities first


We are utilizing these insights to participate in the right occasions with the right brands at the right price.

we are utilizing these insights to participate in the right occasions with the right brands at the right price


That said, one piece of the customer experience in which we made fast gains is in customer service, where we'll continue to increase our investment.

that said one piece of the customer experience in which we've made fast gains is in customer service where we'll continue to increase our investment


I guess you could say we and the rest of the industry have gotten pretty comfortable working in an industry where rates don't do very much.

i guess you could say we and the rest of the industry have gotten pretty comfortable working in an industry where rates don't do very much


And most important, we have talented and dedicated employees all over the world who are committed to helping our clients and our company achieve greatness.

and most important we have a talented and dedicated employees all over the world who are committed to helping our clients and our company achieve greatness


In the first half, because of lowered raw material prices and seasonal factors,

in the first half because of lowered raw material prices and seasonal factors


Our product mix improved gradually with continuous increase on a proportion of new products.

our product mix improved gradually with continuous increase on the proportion of new products


We are running our fall campaigns, and now we're in the middle of our best selling season. And we are targeting up to 1 million RGU additions for the full year.

we are running our fall campaigns and are in the middle of our best-selling season and we are targeting up to 1 million rgu additions for the full year


an adjustment to our purchase price of AirSep shares and as such is not currently taxable, which contributed to the lower rate.

an adjustment to our purchase price of airstep shares and as such is not currently taxable which contributed to the lower rate


That's the area we're targeting. A next big area is also bed skirts and bed wraps

that's the area we're targeting a next big area is also bed skirts and bed wraps


nuanced different drivers that affect the mattress pads and protectors versus the mattress fabrics, it would be helpful.

nuanced different drivers that affect the mattress pads and protectors versus the mattress fabrics would be helpful


or out of our North Carolina for customers that want a quicker delivery time but a little higher cost.

or out of our north carolina for customers that want a quicker delivery time but a little higher cost


Thank you. Before we begin, I need to read the following safe harbor statement. Statements or comments made on this conference call may be forward-looking statements

thank you before we begin i need to read the following safe harbor statement statements or comments made on this conference call may be forward-looking statements


This is the second straight quarter that Riviera has beat guidance on adjusted EBITDAX, production and capital spending.

this is the second straight quarter that riviera has beat guidance on adjusted ebitdax production and capital spending


but certainly we want to be fair to both the company and the supplier. The combination of those 2 certainly has had an impact

but certainly we want to be fair to both the company and the supplier the combination of those 2 certainly has had an impact


comprise of special assets who would purely focus on collections and would not be doing any lending. And there was a Micro Banking, which continued business as usual.

comprise of special assets who would purely focus on collections and would not be doing any lending and there was a micro banking which continued business as usual


China truck sales have declined on average, and we anticipate calendar year to run about 25% of last year peak level.

china truck sales have declined on average and we anticipate calendar year to run about 25% off last year's peak level


So while we continue to see net inflation headwinds, we believe this is temporary in nature as more pricing is expected to layer in over time.

so while we continue to see net inflation headwinds we believe this is temporary in nature as more pricing is expected to layer in over time


However, I'm pleased to share that we have largely addressed these issues and are confident that we will fully overcome these headwinds in the second half of the fiscal year.

however i'm pleased to share that we have largely addressed these issues and are confident that we will fully overcome these headwinds in the second half of the fiscal year


The method change resulted in additional tax deduction for the examination years instead of a deferral of such deductions in later years.

the method change resulted in additional tax deduction for the examination years instead of a deferral of such deductions in later years


we sold quite a few assets at the end of the fourth quarter. Obviously, that NOI would be included in the fourth quarter run rate. Happy to help you there. And then the last thing is,

we sold quite a few assets at the end of the fourth quarter obviously that noi would be included in the fourth quarter run rate happy to help you there and then the last thing is


We have again included some presentation materials to go along with today's call that are also accessible on our website.

we have again included some presentation materials to go along with today's call that are also accessible on our website


We have an operational center that we set up in Singapore in order to provide the customers all the support they need.

we have an operational center that we set up in singapore in order to provide the customers all the support they need


It's also been a time of change. I think we talked about this last time. We see some of our major customers, some of the leading

it's also been a time of change i think we talked about this last time we see some of our major customers some of the leading


as we said, we lifted our grain storage and sold our grain storage and lifted our piles that we have. You know that we have made a significant investment

as we said we lifted our grain storage and solar grain storage and lifted our piles that we have you know that we have made a significant investment


are making to customers. So we're just not selling out certain slots during certain part of the year to anticipate that.

are making to customers so we're just not selling out certain slots during certain part of the year to anticipate that


When you get into the sort of second half of Conagra, that's really the first half of what

when you get into the sort of second half of conagra that's really the first half of what


very strong value proposition to encourage our customers to upgrade to the latest technology.

a very strong value proposition to encourage our customers to upgrade to the latest technology


This awareness makes ServiceNow even more relevant and more strategic to our customers and we're excited by this large opportunity.

this awareness makes servicenow even more relevant and more strategic to our customers and we're excited by this large opportunity


The storms did have an impact as the East Coast was essentially shut down for 3 days, and we are now in the process of recovering.

the storms did have an impact as the east coast was essentially shut down for 3 days and we are now in the process of recovering


It's important to note that the impacts of the rate case will be recognized for financial reporting purposes after a resolution is reached.

it's important to note that the impacts of the rate case will be recognized for financial reporting purposes after a resolution is reached


okay? Everything we do, we challenge whether we're doing it the best way. And we constantly look for best practices across our utilities

okay everything we do we challenge whether we're doing it the best way and we constantly look for best practices across our utilities


productivity focus and cash generation will allow us to continue to invest in value-enhancing growth opportunities.


Our lease rental revenue guidance reflects asset sales completed during the third quarter as well as additional dispositions we expect to complete by year-end,

our lease rental revenue guidance reflects asset sales completed during the third quarter as well as additional dispositions we expect to complete by year-end


We also made a decision to terminate a number of development projects in student accommodation and retirement living. These were

we also made a decision to terminate a number of development projects in student accommodation and retirement living these were


Today, we have one of the best positions in the STACK, both in terms of our infrastructure, and diverse and active customer base.

today we have one of the best positions in the stack both in terms of our infrastructure and diverse and active customer base


who are increasingly challenged to outperform their peers and, consequently, face lower volumes and thinner fees themselves.

who are increasingly challenged to outperform their peers and consequently face lower volumes and thinner fees themselves


investing in core franchises and launching new products that we expect to be the foundation of our future growth.


For the completion and remedial segment revenue splits, it should be noted that we made slight adjustments to the service line percentages

for the completion and remedial segment revenue splits it should be noted that we made slight adjustments to the service line percentages


These large rig packages are important because they reflect the underlying strength of the current workover and completion market.

these large rig packages are important because they reflect the underlying strength of the current workover and completion market


that's always a good place to be. Our balance sheet is in a good position, and having refinanced, we've got a lot of runway.

that's always a good place to be our balance sheet is in a good position and having refinanced we've got a lot of runway


This is a quirk of accounting standards, so for your benefit, we've calculated a pro forma continuing EPS for this year.

this is a quirk of accounting standards so for your benefit we've calculated a pro forma continuing eps for this year


I am pleased to report that the steel quality and paint production issues have been corrected, and production is flowing normally.

i am pleased to report that the steel quality and paint production issues have been corrected and production is flowing normally


contracted obligated revenue that is not recognized yet. So when we talk about increasing our backlog by

contracted obligated revenue that is not recognized yet so when we talk about increasing our backlog by


And on the upstream side, you guys would like to see maybe a little bit more clarity in the market before.

and on the upstream side you guys would like to see maybe a little bit more clarity in the market before


overall kind of trajectory when we get there. But I think that's kind of where -- we would like to get to that level. As you remember,

overall kind of a trajectory when we get there but i think that's kind of where we would like to get to that level as you remember


comfortable. We did a strategic study that we talked about a couple of years ago, which gave us a range of

i'm comfortable we did a strategic study that we talked about a couple of years ago which gave us a range of


so we expect this will be a very smooth implementation with minimal impact to existing territories.


And competitive pressures particularly from competitors in Asia have intensified, and we expect this will continue to the back half of the year.

and competitive pressures particular from competitors in asia have intensified and we expect this will continue through the back half of the year


we get to know what they want and we're able to curate the assortments within the applicable banners that the customer will want. So

we get to know what they want and we're able to curate the assortments within the applicable banners that the customer will want so


Our ongoing investment in machine learning and our commitment to improving efficiency for advertisers is paying off.

our ongoing investment in machine learning and our commitment to improving efficiency for advertisers is paying off


This represents very strong underlying demand combined with some natural inventory build as the launch ramps.

this represents very strong underlying demand combined with some natural inventory build as the launch ramps


Our Pro customers felt that our pricing strategy was undermining their ability to do business with us on a profitable basis

our pro customers felt that our pricing strategy was undermining their ability to do business with us on a profitable basis


supply chain challenges as much as sort of anybody else has as well if everybody's been ramping up to the higher levels of activity.

supply chain challenges as much as sort of anybody else has as well as everybody's been ramping up to the higher levels of activity


health savings account that's going to bring in multiple hundreds of millions of dollars. We will look to expand, certainly,

health savings account that's going to bring in multiple hundreds of millions of dollars we will look to expand certainly


as compared to higher shipments in the comparable period in the prior year, primarily related to international sales.

as compared to higher shipments in the comparable period in the prior year primarily related to international sales


memorabilia collectors and we -- there may be some of that internationally, too. But right now, we see it as primarily for coins.

memorabilia collectors and we -- there may be some of that internationally too but right now we see it as primarily for coins


As has always been the case, the consumer has the power to choose. They are free to choose a different product, a

as has always been the case the consumer has the power to choose they are free to choose a different product


so I think you can see how difficult it will be for others to get to this point especially in the Canadian market. Again, I think we're just beginning to see the benefits of this investment.

so i think you can see how difficult it will be for others to get to this point especially in the canadian market again i think we're just beginning to see the benefits of this investment


There's simply a lot of change to absorb. It took a lot of collaboration and commitment to get us where we are today.

there's simply a lot of change to absorb it took a lot of collaboration and commitment to get us where we are today


With that I will now turn the call over to Kevin McLaughlin, our Chief Financial Officer, to run through the financials for the quarter.

with that i will now turn the call over to coven mclaughlin our chief financial officer to run through the financials for the quarter


Moving to Slide 7, we recently launched the new Syniverse brand as the World's Most Connected Company

moving to slide 7 we recently launched the new syniverse brand as the world's most connected company


As we had always guided, that there would be variable incremental expenses associated with the Block transaction.

as we had always guided that there would be variable incremental expenses associated with the block transaction


we don't get rid of this kind of currency fluctuations in Argentina. We will keep you posted on

we don't get rid of this kind of currency fluctuations in argentina we will keep you posted on that


Now I realize that Marvell has had some challenges lately, but I believe that this is the best time to join a company to help lead it to the next level.

now i realize that marvell has had some challenges lately but i believe that this is the best time to join a company to help lead it to the next level


So we spend a lot of time on the FY '16 look back, and you can see the implications of

so we spent a lot of time on the fy '16 look back and you can see the implications of


is if cyber find its way out of the admitted market back into the non-admitted marketplace, where I think it ought to be,

is if cyber finds its way out of the admitted market back into the non-admitted marketplace where i think it ought to be


With our regulatory issues behind us, we are a stronger company today and better prepared to grow to the next level.

with our regulatory issues behind us we are a stronger company today and better prepared to grow to the next level


I think that the number of sites and the distribution of sites and the distribution of patients,

and i think that the number of sites and the distribution of sites and the distribution of patients


and positive duration enabled us to weather the rates rally without having to change our asset and hedge composition in any meaningful way.


a reference to the amount of runway they have in front of them to grow their database as well as provide innovative new solutions.


The current half year operating cash flow reflects a more normalized result with a large number of working capital swings

the current half year operating cash flow reflects a more normalized result with a large number of working capital swings


But in our literal interpretation of the white paper, we saw the opportunity to make the change on the maintenance CapEx, which we did.

but in our literal interpretation of the white paper we saw the opportunity to make the change on the maintenance capex which we did


As oil becomes more valuable, as the rigs become busier, we will probably see that replacement business pick up also.

as oil becomes more valuable as the rigs become busier we will probably see that replacement business pick up also


We must also reassert ourselves in products with strong and improving performance and bring our best thinking to product innovation.

we must also reassert ourselves in products with strong and improving performance and bring our best thinking to product innovation


But we felt that it's important for us to continue to -- or at least at this point in time to understand, what is

but we felt that it's important for us to continue to -- or at least at this point in time to understand what is


to deliver our results. At the same time, we made significant investments to position the bank for future growth.

to deliver our results at the same time we made significant investments to position the bank for future growth


Thank you, Tom. Let me wrap up by saying things are getting very exciting at BioCryst, especially when you look at the progress we've made so far this year.

thank you tom let me wrap up by saying things are getting very exciting at biochrysalis especially when you look at the progress we've made so far this year


people don't realize how hard it is to contract with these complex integrated health networks.


strong business performance and expense reduction associated with integration of our recently completed transactions.


we have a broad range of alternatives available to us and we're continuing to explore all of those going forward. So

we have a broad range of alternatives available to us and we're continuing to explore all of those going forward so


So we just went over -- were able to overcome some of that, but I don't think that, that in any way

so we just weren't over -- we're able to overcome some of that but i don't think that that in any way


information to find it. In the old days, when I grew up in the business, you'd just throw a lot of bodies at it and hunt and peck and try to find it.

information to find it in the old days when i grew up in the business you'd just throw a lot of bodies at it and hunt and pack and try to find it


I would say as it relates to any data that we may have generated prior to the briefing document going in,

i would say as it relates to any data that we may have generated prior to the briefing document going in


As in the first quarter, international wholesale achieved the highest percentage and dollar increase of our 3 distribution channels.

as in the first quarter international wholesale achieved the highest percentage and dollar increase of our 3 distribution channels


and interact within their home and what devices they use, and we are constantly looking for ways to make their life easier. In essence,

and interact with in their home and what devices they use and we are constantly looking for ways to make their life easier in essence


to keep pace with accelerating opportunity and activity. I believe we've done a very good job in this regard,

to keep pace with accelerating opportunity and activity i believe we've done a very good job in this regard


The team has worked extraordinarily hard to deliver the results that we delivered last year. I could not be prouder of them than I am.

the team has worked extraordinarily hard to deliver the results that we delivered last year i could not be prouder of them than i am


all of the good there was created by the things that we've been doing to


for future initiatives, particularly investing in technology to drive further efficiencies in the store's operating model.

for future initiatives particularly investing in technology to drive further efficiencies in the store's operating model


meaning that we are more likely to have faced and successfully navigated challenges and that we are the low risk purchasing decision for our customers.

meaning that we are more likely to have faced and successfully navigated challenges and that we are the low-risk purchasing decision for our customers


The quiet period will begin on the 16th day of the last month of each fiscal quarter and continues until the next earnings conference call.

the quiet period will begin on the 16th day of the last month of each fiscal quarter and continues until the next earnings conference call


This was primarily due to a reduction in expenditures in each of the business segments and negative ForEx translation effects.

this was primarily due to a reduction in expenditures in each of the business segments and negative forex translation effects


We have ample headroom around the current household ownership cap, but of course, a higher cap creates even more possible combinations.

we have ample headroom under the current household ownership cap but of course a higher cap creates even more possible combinations


For example, we work on and measure every day discrete items that drive operational excellence.

for example we work on and measure every day discrete items that drive operational excellence


As I mentioned before, I am proud of our team's accomplishments this past year and the significant improvements we continue to see.

as i mentioned before i'm proud of our team's accomplishments this past year and the significant improvements we continue to see


and growth in our SaaS offerings was more than offset by lower mutual funds volume in U.S. Investment Markets,

and growth in our saas offerings was more than offset by lower mutual funds volume in u s investment markets


someone who can drive these things from start to finish as we work with the Group Presidents and think about how we can better

someone who can drive these things from start to finish as we work with the group presidents and think about how we can better


and we've seen increased momentum during quarter 4 last year, which encouragingly has continued into this year

and we've seen increased momentum during quarter 4 last year which encouragingly has continued into this year


was not our strongest asset and therefore, it was not identifying the places to use some of our pop health assets.

was not our strongest asset and therefore did not -- was not identifying the places to use some of our pop health assets


And we expect, particularly given the recent market events, that Sprott is on a positive trajectory going forward.

and we expect particularly given the recent market events that sprott is on a positive trajectory going forward


of the revenue was due to the reclassification of how some of the economics will flow with our customers.


So there's nothing really out there which, at this point, says that even though we're in the fourth quarter here, there is anything imminent

so there's nothing really out there which at this point says that even though we're in the fourth quarter here there is anything imminent


this was a good environment to generate above-average returns. If we look at our main portfolio

this was a good environment to generate above average returns if we look at our main portfolio


we can provide an expanded selection of new and used textbooks to lower the cost of supply


the enhanced ability to go to schools and offer the hybrid solution that we don't currently have the capability on.


And to be honest, as we said in the first quarter as well because there was a lot of discussion around, are you seeing pressure on volumes in the first quarter?

and to be honest as we said in the first quarter as well because there was a lot of discussion around are you seeing pressure on volumes in the first quarter


And our commitment to delivering exceptional products and services to customers who trust and counted us will guide us going forward.

and our commitment to delivering exceptional products and services to customers who trust and count on us will guide us going forward


Gateway West is really about reliability on our system and availability to better manage our footprint.

gateway west is really about reliability on our system and availability to better manage our footprint


In addition, more than 25 states and metros have enacted new infrastructure funding measures over the past 3 years.

in addition more than 25 states and metros have enacted new infrastructure funding measures over the past 3 years


continued to generate solid growth in their aggregate earnings as the weighted average EBITDA growth over the past 12 months

continue to generate solid growth in their aggregate earnings as the weighted average ebitda growth over the past 12 months


Additionally, we want to be more conservative in our revenue outlook because we are still in the early stages of developing our sales agency channels.

additionally we want to be more conservative in our revenue outlook because we are still in the early stages of developing our sales agency channels


Although the investment will be higher than anticipated this year, due to our pacing of store openings and RV dealership integrations,

although the investment will be higher than anticipated this year due to our pacing of store openings and rv dealership integrations


I think Martin and I both believe, those challenges have reinforced the strategic logic behind the merger.

i think martin and i both believe those challenges have reinforced the strategic logic behind the merger


We are deeply aware, these investments are held ultimately to create value for shareholders.

we are deeply aware these investments are held ultimately to create value for shareholders


When you grow your domestic collector workforce as much as we have in 18 months, it's expected for average tenure to decrease.

when you grow your domestic collector workforce as much as we have in 18 months it's expected for average tenure to decrease


ramp up the productivity of all these new hires? Or is that offset by a more favorable macro backdrop?

ramp up the productivity of all these new hires or is that offset by a more favorable macro backdrop


and then taking that further into EBITDA combining with where those assets are going on our platforms. The profitability associated with that mix,

and then taking that further into ebitda combining with where those assets are going on our platforms the profitability associated with that mix


people will still buy their telephone cards or start to buy them a little bit quicker, whilst they run down their bottle of shampoo.

people will still buy their telephone cards or start to buy them a little bit quicker whilst they run down the bottle of shampoo


there was a lot of discounting going on in the marketplace, and we didn't go chasing after a lot of that volume. And so that showed up in those volume numbers as well.

and there was a lot of discounting going on in the marketplace and we didn't go chasing after a lot of that volume and so that showed up in those volume numbers as well


We continue to work closely with our customers in developing new products as we support the marks to complete 5G deployment.

we continue to work closely with our customers in developing new products as we support the march to complete 5g deployment


We now live in a connected world, which continues to require an increased demand of electronic components and solutions.

we now live in a connected world which continues to require an increased demand of electronic components and solutions


we have more than offset recent unit declines and grown Operational Services orders, our most profitable business, for 3 consecutive quarters.

we have more than offset recent unit declines and grown operational services orders our most profitable business for 3 consecutive quarters


that segment, I guess it's quite logical that you lost in the premium segment and you substantially gained

that segment i guess it's quite logical that you lost in the premium segment and you substantially gained


And that integration is going extremely well. We have received an overwhelmingly positive response for our customers

and that integration is going extremely well we have received an overwhelmingly positive response for our customers


Before turning the meeting over to management, please be advised that this call contains forward-looking statements that are based on current expectations

before turning the meeting over to management please be advised that this call contains forward-looking statements that are based on current expectations


different categories of Chinese content, films and TV programs out there for a Western audience to actually view

different categories of chinese content films and tv programs out there for a western audience to actually view


Contracting has continued to slow materially during 2016. New orders placed during the first 9 months of the year

contracting has continued to slow materially during 2016 new orders placed during the first 9 months of the year


Yes. And so Paul, at the risk of you chastising me into giving you other numbers prior to the 10-K being out,

yes and so paul at the risk of you chastising me into giving you other numbers prior to the 10-k being out


Finally, in a positive move that reflects our strong performance and confident outlook, yesterday we announced

finally in a positive move that reflects our strong performance and confident outlook yesterday we announced


In addition to our Air Transportation business, revenues and income for Airline Related businesses also increased.

in addition to our air transportation business revenues and income for airline-related businesses also increased


do you envision yourselves kind of announcing it when it's -- when it goes hard or announcing it when it closes? Because we've obviously seen

do you envision yourselves kind of announcing it when it's -- when it goes hard or announcing it when it closes because we've obviously seen


reached the Phase I milestone in the fully funded primary metabolite research program we began at the start of last year.

reached the phase i milestone in the fully funded primary metabolite research program we began at the start of last year


In monthly premiums, the rest of the industry aligned with our PMIERs base rate card as of April,

in monthly premium the rest of the industry align with our pmiers base rate card as of april


we can see technological empowerment. And then in terms of building ecosystems, we can be faster.

we can see technological empowerment and then in terms of building ecosystems we can be faster


very well known for using technology to enhance customer experience, selected our APIs for account verification.

very well known for using technology to enhance customer experience selected our apis for account verification


which we did not intend to develop and for which we received capital to support our internal development plan.


Subscriber growth continues to be strong in Mexico. We added more than 500,000 new subscribers in the quarter

subscriber growth continues to be strong in mexico we added more than 500 000 new subscribers in the quarter


that people can count on that production being there through the valleys and peaks that tend to occur in the oil business.

that people can count on that production being there through the valleys and peaks that tend to occur in the oil business so


and continue to represent potential mitigation strategies to offset pricing pressures with strategies to grow volume.


at the higher end of activity there as well. Somewhat of a mild winter fourth quarter, it just allowed for a more active fourth quarter

it's a higher end of activity there as well it's somewhat of a mild winter fourth quarter it just allowed for a more active fourth quarter


The primary driver of this increase over our prior guidance is the onboarding of the Wisconsin business.

the primary driver of this increase over our prior guidance is the onboarding of the wisconsin business


which we were embarking upon, but we saw the opportunity to acquire an already market accepted

which we were embarking upon but we saw the opportunity to acquire an already market accepted


to really say definitively what kind of realizations you're going to '16 and '17. We have our contract book

to really say definitively what kind of realizations you're going to see '16 and '17 we have our contract book


industry trend of a sector base does not overly impact you. And I think we're pretty good positioned for that.

industry trend of a sector base does not overly impact you and i think we're in a pretty good position for that


That's been corrected. And as we're walking into the first -- the second half of the year, we're seeing some uplift in the renewals, and we believe that we're

that's been corrected and as we're walking into the first -- the second half of the year we're seeing some uplift in the renewals and we believe that we're


I think your wording was several quarters. So that implies you think within a year or so you could be moving in the right direction?

i think you're wording with several quarters so that implies you think within a year or so you could be moving in the right direction


These features allow the user to follow the contour of the skin and avoid the stamping effect often seen with competing fractional lasers.

these features allow the user to follow the contour of the skin and avoid the stamping effect often seen with competing fractional lasers


Does it in particular make sense to maybe generate some additional cash for share repurchases just given where the stock trades relative to NAV? So

does it in particular make sense to maybe generate some additional cash for share repurchases just given where the stock trades relative to nav


Turning to our Real Estate, Energy and Natural Resources segment. Second quarter earnings and adjusted EBITDA will be lower than the first quarter

turning to our real estate energy and natural resources segment second quarter earnings and adjusted ebitda will be lower than the first quarter


together with an increase in weather-related claims experienced in insurance, as well as the overall impact of a strengthening rand.

together with an increase in weather-related claims experienced in insurance as well as the overall impact of a strengthening rand


at least with PayPal, an average of about 3x. So we think we can help small businesses through these new capabilities

at least with paypal on average about 3x so we think we can help small businesses through these new capabilities


Dan, I'll hand it back to you now. Thanks, Bill. It's great to see deep relationships, like those we have with Walmart

dan i'll hand it back to you now thanks bill it's great to see deep relationships like those we have with walmart


for early extinguishment of debt in Q3, associated with the redemption of the TRUPs. The vast majority of which were redeemed earlier this week.

for early extinguishment of debt in q3 associated with the redemption of the trucks the vast majority of which were redeemed earlier this week


I guess my question is how much of the improvement in the quarter was a function of mix and some of these larger projects

i guess my question is how much of the improvement in the quarter was a function of mix in some of these larger projects


we can't sit here today and say there's not risk. There is a chance for risk, but we feel good that we have accounted for everything we do know.

we can't sit here today and say there's not risk there is a chance for risk but we feel good that we have accounted for everything we do know


He brings very strong competencies to our company in large project execution in the global power industry.

he brings very strong competencies to our company in large project execution in the global power industry


we'll wait and see. But the net of that is that the competition is still out there. The other thing in terms of looking at the competition

we'll wait and see but the net of that is that the competition is still out there the other thing in terms of looking at the competition


for the product. I think earlier on we probably had the younger set, but as

for the product i think earlier on we probably had the younger set but as


Can you tell us about the competitive environment there? I know it's a very fragmented market. There's some legacy players and there's a couple of new players that I think are taking share.

can you tell us about the competitive environment there i know it's a very fragmented market there's some legacy players and there's a couple of new players that i think are taking share


as strength on the corporate group side indicates optimism in the broader economy and a return to corporate spending


Well, we don't want to give you any numbers, but I would like to say that the Jazan project is making good progress.

well we don't want to give you any numbers but i would like to say that the jazan project is making good progress


and through creating a small dedicated team focused on the tourism business and third spaces.


We have to recognize that this is an important long-term customer decision that needs input and careful consideration.

we have to recognize that this is an important long-term customer decision that needs input and careful consideration


And coming out of a meeting in California this week with a bunch of cardiologists, there's a lot of enthusiasm for the unique capability

and coming out of a meeting in california this week with a bunch of cardiologists a lot of enthusiasm for the unique capability


and we'll leverage our leadership position in RFID to build partnerships and grow share within the core business.

and we'll leverage our leadership position in rfid to build partnerships and grow share within the core business


It's a little bit of a different agent but nevertheless, the process is the same. So I think the partnering is important

just a little bit of a different agent but nevertheless the process is the same so i think the partnering is important


Our global efforts are focused on disease awareness and medical education to expand health care providers' knowledge and recognition

our global efforts are focused on disease awareness and medical education to expand healthcare providers' knowledge and recognition


This relates to the surface flaking issue that affected a small portion of products produced at our Nevada plant before 2007. To

this relates to the surface flaking issue that affected a small portion of products produced at our nevada plant before 2007


We continue to roll out programs that strengthen our brand relationships with consumers and the trade.

we continue to roll out programs that strengthen our brand relationships with consumers and the trade


This upcoming quarter will be our fourth year in a row enhancing our gift-giving selection for the holiday season.

this upcoming quarter will be our fourth year in a row enhancing our gift giving selection for the holiday season


the proposed rule also includes changes to case mix weightings and the outlier payment methodology.


they really focused on all of those areas in terms of deciding whether we have achieved first quartile performance.

they really focus on all of those areas in terms of deciding whether we have achieved first quartile performance


And I think we're starting to see opportunities around the world to now continue to have those discussions as we go into 2019. And I

and i think we are starting to see opportunities around the world to now continue to have those discussions as we go into 2019


from plus 50 to plus 25 to 50 on a full year basis, but you talked a lot about mix. I was hoping you could tell us a little bit more

from plus 50% to plus 25% to 50% on a full year basis but you talked a lot about mix i was hoping you could tell us a little bit more


The majority of our surplus inventory can be sold into other markets. Only a relatively small number of the units are highly customized

the majority of our surplus inventory can be sold into other markets only a relatively small number of the units are highly customized


and he will continue to be an inspiration to the many people whose lives he touched through his irresistible passion and energy.


So interest expense on the statement of earnings differs from the actual interest paid in the quarter due to hedge accounting.

so interest expense on the statement of earnings differs from the actual interest paid in the quarter due to hedge accounting


What we've done in FY '17 confirms that our long-standing strategy of delivering connected and sustainable energy solutions

what we've done in fy '17 confirms that our long-standing strategy of delivering connected and sustainable energy solutions


partially offset by a slow start to the spring planting season that negatively impacted our parts and service business.


Actual results could differ materially from the statements made on this call today. All statements made on the call are made as of today.

actual results could differ materially from the statements made on this call today and all statements made on the call are made as of today


of these improved fuel economy on this new equipment. Thirdly is our insurance and claims.

of these improved fuel economy on this new equipment thirdly is our insurance and claims


that the board would be inclined to increase the dividend? Or do you prefer to retain that capital and use it to reinvest in the business?

that the board would be inclined to increase the dividend or do you prefer to retain that capital and use it to reinvest in the business


every best practice we can bring into the business from what IBERDROLA has rolled wide and anything else we can find that's going on in the industry.

every best practice we can bring into the business from what ibdrola has worldwide and anything else we can find that's going on in the industry


Right now, where we see it is as it develops and I think most would agree that the storage is not

right now where we see it is as it develops and i think most would agree that the storage is not


has a little bit more of an interest to the types of folks we hire and have been successful in retaining. So

has a little bit more of an interest to the types of folks we hire and have been successful in retaining so


our mill operations are highly integrated with our converting platform as we consume over 85% of the paperboard we produce.


and enabling us to deliver superior customer value, all of which are critically important in the current economic environment.

and enabling us to deliver superior customer value all of which are critically important in the current economic environment


All of which have been partially offset by typical pricing headwinds of just under 2 percentage points annually.

all of which have been partially offset by typical pricing headwinds of just under 2 percentage points annually


real variability baked into our pricing, and we don't see that pricing structure as having changed

under some real variability baked into our pricing and we don't see that pricing structure as having changed


to seeing more business consolidate with us and us having in the end a much higher share of the wallet.


We are focused on controlling what is within our control and maximizing results with the core assets we have in the portfolio of today.

we are focused on controlling what is within our control and maximizing results with the core assets we have in the portfolio today


We have seen a significant increase in traffic to our website and have a number of new residential prospects in hand as a result.

we have seen a significant increase in traffic to our website and have a number of new residential prospects in hand as a result


As for margin, we do expect more of the cost down efforts to be realized in the coming quarter, but expect a slight headwind from product mix as well.

as for margin we do expect more of the cost-down efforts to be realized in the coming quarter but expect a slight headwind from product mix as well


And with that very quick overview, I'd like to turn it over to our Chief Financial Officer, Tammy Romo, to take us through the quarterly financials.

and with that very quick overview i'd like to turn it over to our chief financial officer tammy romo to take us through the quarterly financials


The reduction on these projects was partially offset by an increase in non-load-related spend to meet RIIO outputs.

the reduction on these projects was partially offset by an increase in non-load related spend to meet rio outputs


The review did result in some changes to specific outputs, but as expected there were no changes to the key financial parameters.

the review did result in some changes to specific outputs but as expected there were no changes to the key financial parameters


We believe the coming year will demonstrate the growth potential of our asset base, the internal capabilities we have developed with respect to redevelopment execution,

we believe the coming year will demonstrate the growth potential of our asset base the internal capabilities we have developed with respect to redevelopment execution


You can see that with a recent development in the currencies, we now expect

you can see that with the recent development in the currencies we now expect


yes. So what adjustments are you making to be able to adjust to that lack of volume coming from them?

so what adjustments are you making to be able to adjust to that lack of volume coming from them


Okay. Got it. And then just one more question, and I don't know if you guys can talk on this just because it's kind of recently announced. The Navy announced that

okay got it and then just one more question and i don't know if you guys can talk on this just because it's kind of recently announced the navy announced that


sourcing capabilities. And she will have to have a few months of learning the business, and then she will start to unlock

sourcing capabilities and she will have to have a few months of learning the business and then she will start to unlock


A critical element of our success will depend on the ability of our organization to work smoothly as a team

a critical element of our success will depend on the ability of our organization to work smoothly as a team


geographic expansion opportunities in these markets and as well expand our presence into new territories and markets to further grow market share.


and forward curves will offer us multiple opportunities to hedge above our point of view, especially as retail players look to hedge those periods.

and forward curves will offer us multiple opportunities to hedge above our point of view especially as retail players look to hedge those periods


so our momentum for our technology center solutions continue to grow and we expect to convert additional opportunities to contracts in the coming months.

so while momentum for our technology center solutions continue to grow and we expect to convert additional opportunities to contracts in the coming months


So far, a lot of reasons we think the outlook for the top line is balanced. The earnings outlook is obviously got a range on it because of

so for a lot of reasons we think the outlook for the top line is balanced the earnings outlook has obviously got a range on it because of


up -- revised upwards in a similar manner? Or do you guys have an idea of how it might shake out in October?

up -- revised upwards in a similar manner or do you guys have an idea of how it might shake out in october


So we can do that with Renewables. We have rate cases that are already in place that are going to help us, and it's getting more efficient with all of our operations.

so we can do that with renewables we have rate cases that are already in place they're going to help us and it's getting more efficient with all of our operations


The new reporting methodology will help to avoid the corresponding volatility in revenue development.

the new reporting methodology will help to avoid the corresponding volatility in revenue development


we believe, have to invest in riskier levered asset classes and to put more leverage on the books.

we believe have to invest in riskier levered asset classes and to put more leverage on the books


We're helping them understand some emerging companies that have technologies, and this was where our Plug and Play

we're helping them understand some emerging companies that have technologies and this was where our plug and play


And our kind of normalized investments as we go forward for the balance of this year and next year will be concentrated

and our kind of normalized investments as we go forward for the balance of this year and next year will be concentrated


But what it does mean, in order to really mitigate that damage and do the best thing for your dollars spent over the long term and the best thing

but what it does mean in order to really mitigate that damage and do the best thing for your dollar spent over the long term and the best thing


And is this actually -- can you quantify the effect roughly? And is this really a one-off? Or should we really expect

and is this actually -- can you quantify the effect roughly and is this really a one-off or should we really expect


we're going to talk more about that after Matt's been on the ground a little while. But I can tell you one thing.

well we're going to talk more about that after matt's been on the ground a little while but i can tell you one thing


the whole Midstream business, Paul. So it's really that commitment to getting that size and then just looking beyond that is to continue to grow.

and the whole midstream business paul so it's really that commitment to getting that size and then just looking beyond that is to continue to grow


I think that there was a significant winter event in Q1 that impacted our industrial businesses

i think that there was a significant winter event in q1 that impacted our industrial businesses


Overall, we see that our strategy of moving customers to integrated solutions and growth in IT is working.

overall we see that our strategy of moving customers to integrated solutions and growth in it is working


We're launching our melanoma indication in more than 50 markets globally, and we are preparing for launches in additional tumors.

we're launching our melanoma indication in more than 50 markets globally and we are preparing for launches in additional tumors


I think as we've said for many years, we'd like to get that below 14%. We've done that, and I think we feel good about it. I think there's more opportunity here.

i think as we've said for many years we'd like to get that below 14% we've done that and i think we feel good about it i think there's more opportunity here


contributed in the same way as our luxury division did is, as I pointed out,

contributed in the same way as our luxury division did is as i pointed out


And we do see that the stores that we market are performing better, so now all new restaurants receive marketing at their opening.

and we do see that the stores that we market are performing better so now all new restaurants receive marketing at their opening


Please turn to the slide at the bottom of the next page, Slide 18, Technology Solutions Services.

please turn to the slide at the bottom of the next page slide 18 technology solutions services


the price increases that we're getting associated with that and then the new business sales augmented, specifically, I would say,

the price increases that we're getting associated with that and then the new business sales augmented specifically i would say


In terms of lounges, we opened the deck and closed the cabin, so again very much investing heavily in the customer side there.

in terms of lounges we open the deck and close the cabin so again very much investing heavily in the customer side there


as well as being selective with the orders we fulfill, which is easier to do when your inventories are in good shape.

as well as being selective with the orders we fulfill which is easier to do when your inventories are in good shape


from the Health and the Benefits business that you'd expect over time you can either take out of the organization or redeploy into growth areas?

from the health and the benefits business that you'd expect over time you can either take out of the organization or redeploy into growth areas


is really holding very, very steady. And I'm just -- I'm especially interested in what's going on underneath the hood of the tract mortgages,

is really holding very very steady i'm just -- i'm especially interested in what's going on underneath the hood of the tract mortgages


We continue to focus on opportunities for efficiencies and reductions in higher overhead levels of our recent acquisitions.

we continue to focus on opportunities for efficiencies and reductions in higher overhead levels of our recent acquisitions


We have 2 large successor funds in the market, and we have a platform that has considerable opportunity for further scaling.

we have 2 large successor funds in the market and we have a platform that has considerable opportunity for further scaling


and lastly, the global trend away from traditional banking and the acceptance of private debt as an investable asset class.

and lastly the global trend away from traditional banking and the acceptance of private debt as an investable asset class


It is appropriate to note that this trend shift was partly a consequence of digital innovations designed in our digital labs

it is appropriate to note that this trend shift was partly a consequence of digital innovations designed in our digital labs


And you go -- you will have these stop and starts going on. So it's all very confusing is what I'm trying to come -- to get on. And I'm not sure

and you will have this stop and start going on so it's all very confusing it's what i'm trying to come -- to get on and i'm not sure


And then you mentioned the pricing coming with menu news, and now it's going to be accelerating.

and then you mentioned the pricing coming with menu news and now it's going to be accelerating


We continue to progress a diverse portfolio of life cycle management and mid-to-late phase development programs with well over a dozen ongoing trials.

we continue to progress a diverse portfolio of life cycle management in mid- to late phase development programs with well over a dozen ongoing trials


This is primarily due to an increase in demand for wavelength selective switches driven by carrier deployments in India and China.

this is primarily due to an increase in demand for wavelength selective switches driven by tera deployments in india and china


As Dan had mentioned, we recently moved into a new manufacturing facility in Mexico, which significantly expands our capacity.

as dan had mentioned we recently moved into a new manufacturing facility in mexico which significantly expands our capacity


were less responsive to EPO in the comparator arm, consistent with the published historical ESA studies.

were less responsive to epo in the comparator arm consistent with the published historical esa studies


The new mail route means much more flexibilization of the business model we see within Mail in the Netherlands.

the new mill route means much more flexibilization of the business model we see within mill and the netherlands


But I think you're getting a bit of a step this year. And what we're looking at all the time are other ways that we can take costs out of the system

but i think you're getting a bit of a step this year and what we're looking at all the time are other ways that we can take costs out of the system


I want to remind listeners that the discussion contains forward-looking statements regarding our financial condition and results.

i want to remind listeners that the discussion contains forward-looking statements regarding our financial condition and results


the other peers can also benefit from this once they go through all of the legal proceedings.

the other peers can also benefit from this and once they go through all of the legal proceedings


and a slight recovery in the second quarter. The increase in sales was thanks to the good performance of the industrial

and a slight recovery in the second quarter the increase in sales was thanks to the good performance of the industrial


and if sustained, will bring significant healing to this battered industry in the form strong cash flows and higher activity levels as the year progresses.

and if sustained will bring significant healing to this battered industry in the form of strong cash flows and higher activity levels as the year progresses


the effect of the price decrease on oil and gas in the period under review was larger, leading to the decline in net income.

the effect of the price decrease on oil and gas in the period under review was larger leading to the decline in net income


Before we begin our presentation, I will remind everyone that parts of our discussion today will include forward-looking statements as defined in the securities laws.

before we begin our presentation i will remind everyone that parts of our discussion today will include forward-looking statements as defined in the securities laws


as we discussed and kind of talked to you about even last year that we had moved that up and that's at kind of a nice range where we have it today.

as we discussed and kind of talked to you about even last year that we would move that up and that's at kind of a nice range where we have it today


It's going to go out on our website as well. We're kind of readvertising to our existing drivers and drivers that we're recruiting, that we have a great pay package

that's going to go out on our website as well we're kind of re-advertising to our existing drivers and drivers that we're recruiting that we have a great pay package


changed our performance-based quarterly per mile bonus opportunity that drivers have to a monthly


and most of you had a chance to listen to it. And I'm not -- we are not going to repeat that same presentation.

and most of you had a chance to listen to it and i'm not -- we are not going to repeat that same presentation


As you know, the brand rolled out a 10-count mini lozenge in selected stores in the third quarter, and this style is now available

as you know the brand rolled out a 10-count mini lozenge in selected stores in the third quarter and this style is now available


I might add, when you move around the state of Florida and you basically look at all the major markets that we're doing, that we do business in and all the major

i might add when you move around the state of florida and you basically look at all the major markets that we're doing that we do business in and all the major


This slide summarizes our internal management structure reforms. Morinaga has

this slide summarizes our internal management structure reforms morinaga


And there was no question that as the 4G technology is maturing and we are getting ready for 5G, there is a bit of a pause in terms of

and there is no question that as the 4g technology is maturing and we are getting ready for 5g there is a bit of a pause in terms of


Logistics inflation in the form of higher fuel costs and higher carrier rates remained in place subsequent to the hurricanes.

logistics inflation in the form of higher fuel costs and higher carrier rates remained in place subsequent to the hurricanes


pretty accurately taken the offset on both the revenue side and the cost side into account.


We believe that we are well positioned to broaden our presence in foreign, commercial, industrial and military markets.

we believe that we are well positioned to broaden our presence in foreign commercial industrial and military markets


We plan to continue to make investments in innovation and to gain market share that we believe will deliver long-term value to our shareholders.

we plan to continue to make investments in innovation and to gain market share that we believe will deliver long-term value to our shareholders


associated with those new products. I'm not going to get into specifics, but just know that the revenue growth that we expect from those products is coming to bear.

associated with those new products i'm not going to get into specifics but just know that the revenue growth that we expect from those products is coming to bear


Steve? Thank you, David, and good afternoon, everyone. I'll start by reviewing our financial and operating performance for the fourth quarter

steve thank you david and good afternoon everyone i'll start by reviewing our financial and operating performance for the fourth quarter


The current consensus is pretty close to the 75 basis point scenario. And if it takes place, as expected,

the current consensus is pretty close to the 75 basis point scenario and if it takes place as expected


most of them, operated at the lower end of the middle market, which we think is a fantastic place to be, particularly for gathering deposits.

most of them operated at the lower end of the middle market which we think is a fantastic place to be particularly for gathering deposits


Obviously, we want to make sure that our partners make money, and we make money. But we don't see any, at least with the vendors we deal with,

obviously we want to make sure that our partners make money and we make money but we don't see any -- at least with the vendors we deal with


You saw in the first quarter our historically sort of high churn number. That's when contracts come up for renewals. So

you saw in the first quarter our historically sort of high churn number that's when contracts come up for renewal so


You know that so -- I think that you know that we are quite well in managing working capital in Italy,

you know that so i think you know that we have quite well in managing working capital in italy


Our ability to consistently add reserves at low cost demonstrates the tremendous capital efficiency gains we made through the downturn

our ability to consistently add reserves at low cost demonstrates the tremendous capital efficiency gains we made through the downturn


Not a lot different than what we saw at Manantial Espejo through its life. Some of our best grades came through the open pits there as well.

not a lot different than what we saw at manantial esteo through its life some of our best grades came through the open pits there as well


view of the year, how do you feel you're going to manage -- Graeme, you called it out at Port Sunlight as an issue. How are you going to manage the transition from

view of the year how do you feel you're going to manage -- graham you called it out at port sunlight as an issue how are you going to manage the transition from


skewed towards the first half last year, if you want to. So we have that little, little swing in the forecast.

skewed towards the first half last year if you want to so we have that little swing in the forecast


and is subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated.


when does it make sense to define a business by the end market it serves versus the underlying chemistry?


we would be impacted by the overall auto builds in general, and so we did see a rather strong

we would be impacted by the overall auto builds in general and so we did see a rather strong


We have an engaged and experienced management team to bring a track record of delivering on the type of transformation that we are pursuing company-wide.

we have an engaged and experienced management team who bring a track record of delivering on the type of transformation that we are pursuing company-wide


So additional marketing and data utilization is the key here. So these are the businesses that we would like to further cultivate going forward.

so additional marketing and data utilization is the key here so these are the businesses that we would like to further cultivate going forward


And then, on a very personal basis, providing offers to them that are unique to them in real-time

and then on a very personal basis providing offers to them that are unique to them in real time


We plan to add new stores at a rate that will allow us to remain focused on our existing stores, gross sales and generate positive cash flow.

we plan to add new stores at a rate that will allow us to remain focused on our existing stores grow sales and generate positive cash flow


The reason for it is threefold. First of all, we have really focused our new business sales

the reason for it is threefold first of all we have really focused our new business sales


On the Ag side, Ag prices continue to be depressed. We did see a little bit of upside here in the quarter for the first time in quite some time.

on the ag side ag prices continue to be depressed we did see a little bit of upside here in the quarter for the first time in quite some time


Our East Africa, South Africa and Africa Regional Markets businesses all saw improved momentum in the second half.

our east africa south africa and africa regional markets businesses all saw improved momentum in the second half


And we know how we would handle that going forward, but it is behind us. It's not something that shows back up again.

and we know how we would handle that going forward but it is behind us it's not something that shows back up again


Before I jump into the earnings details, however, let me tell you briefly where we stand with 3 quarters of the year behind us.

before i jump into the earnings details however let me tell you briefly where we stand with 3 quarters of the year behind us


With that, let me turn the call over to Mr. Adam Spice, our Chief Financial Officer, for a review of the financial and our forward guidance.

with that let me turn the call over to mr adam spice our chief financial officer for a review of the financials and our forward guidance


So we are really good at monitoring situations and reacting

so we're -- we are really good at monitoring situations and reacting


over the years and really those additions in that area will continue to be incremental


But that's kind of how we're still looking at it. We're waiting for that bounce up, and I'm not quite ready to call that at this point in time.

but that's kind of how we're still looking at it we're waiting for that bounce up -- bounce up but i'm not quite ready to call that at this point in time


We continue to see asphalt deflation as a way to improve our margins, although we expect our end markets to remain competitive.

we continue to see asphalt deflation as a way to improve our margins although we expect our end markets to remain competitive


It's important to note that the decline in yield for convenience checks appears, perhaps, larger than it otherwise would

it's important to note that the decline in yield for convenience checks appears perhaps larger than it otherwise would


Is there any other factors that are impeding your ability to get back to even modest traffic growth -- traffic and tonnage growth?

is there any other factors that are impeding your ability to get back to even modest traffic growth -- traffic intensity growth


the -- it is in the public comment phase right now. We expect that to end here around maybe the third week of May.

the -- it is in the public comment phase right now we expect that to end here around maybe the third week of may


I think many of you know that's our largest, most important business and as Morry's talked about and I talked about, there's a lot of emphasis being put on

i think many of you know that's our largest most important business and as maurice talked about and i talked about there's a lot of emphasis being put on


On previous earnings calls, I provided estimates for our 2018 pension contributions as the airline relief legislation ends for us.

on previous earnings calls i provided estimates for our 2018 pension contributions as the airline relief legislation ends for us


Those factors really gave us the confidence that we think we can make this change in the dividend with moving the supplemental into the monthly,

those factors really gave us the confidence that we think we can make this change in the dividend with moving the supplemental into the monthly


First, in addition to commenting on our third quarter results, we won't be speaking to you formally again until February sometime,

first in addition to commenting on our third quarter results we won't be speaking to you formally again until february sometime


In our discussions of the results of operations, we may refer to pro forma results, which exclude the impact of items

in our discussions of the results of operations we may refer to pro forma results which exclude the impact of items


through the execution of our committed time line and plan to provide any material updates on this matter when appropriate.

through the execution of our committed timeline and plan to provide any material updates on this matter when appropriate


Our sales reps are being incentivized to work with our existing customers to improve the understanding of the value of XTRAC to their practices.

our sales reps are being incentivized to work with our existing customers to improve the understanding of the value of xtract to their practices


as soon as the acquisition closes, maximizing the benefits of our larger organization and minimizing disruption.

as soon as the acquisition closes maximizing the benefits of our larger organization and minimizing disruption


technology during a launch phase when you're talking to folks about how to use the drug and generally it wouldn't run right to an outpatient environment.

technology during a launch phase when you're talking to folks about how to use the drug and generally they wouldn't run right to an outpatient environment


nearly as much interest or at least some sort of an indication on that? Clearly, interest for sure. And with the size and scale of that asset,

nearly as much interest or at least some sort of an indication of that clearly interest for sure and with the size and scale of that asset


It is difficult to accurately predict demand for our services, and therefore, our actual results could differ materially from our guidance.

it is difficult to accurately predict demand for our services and therefore actual results could differ materially from our guidance


very importantly into the broader adoption of preventive panels like those that we offer. So we think that will help us

very importantly into the broader adoption of preventive panels like those that we offer so we think that will help us


Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.

thank you the conference has now ended please disconnect your lines at this time and we thank you for your participation


The key driver of this improvement is the lower level of capital expenditure relating to the new factory project than previously forecast.

the key driver of this improvement is the lower level of capital expenditure relating to the new factory project than previously forecast


It's a long way out. We're not trying to guess what the fuel price is going to be, so we do have significant exposure to

it's a long way out we're not trying to guess what the fuel price is going to be so we do have significant exposure to


the company's own disclosures. And what's interesting is the company has spent the last several years saying everything that we said was totally false.

the company's own disclosures and what's interesting is the company has spent the last several years saying everything that we said was totally false


In the quarter, we did tip in a promotion, and we plan to do that on an ongoing basis, but these are short-term promotions versus

in the quarter we did tip in a promotion and we plan to do that on an ongoing basis but these are short-term promotions versus


The reason I mentioned that was because in June I talked about -- at the end of the June quarter, I talked about how significant the pipeline was going into the new fiscal year.

the reason i mentioned that was because in june i talked about -- at the end of the june quarter i talked about how significant the pipeline was going into the new fiscal year


improving margins, grouping up and unlocking embedded value through our ROI projects.

improving margins grouping up and unlocking embedded value through our roi projects


As we near the 17 month in our ownership of Calvert, we feel good about what we've accomplished and even better about the opportunities ahead of us

as we near the 17 months in our ownership of calvert we feel good about what we've accomplished and even better about the opportunities ahead of us


In many cases, Parametric client relationships that started with exposure management mandates have migrated to also include other strategies.

in many cases parametric client relationships that started with exposure management mandates have migrated to also include other strategies


During the course of today's call, words such as expect, anticipate, believe and intend will be used in our discussion of the goals or events in the future.

during the course of today's call words such as expect anticipate believe and intend will be used in our discussion of the goals or events in the future


Europe and Turkey continue to deliver consistently strong performance with this half mainly attributable to volume gains.

europe and turkey continued to deliver consistently strong performance with this half mainly attributable to volume gains


Our first-to-market strategy with the Percepta classifier is to focus our efforts on large institutions for early adoption,

our first-to-market strategy with the percepta classifier is to focus our efforts on large institutions for early adoption


in cash at the end of March. And so we have ample ability to do both share repurchases and an acquisition. And

in cash at the end of march and so we have ample ability to do both share repurchases and an acquisition and


Lower volumes were transported due to less drilling activity and natural declines surrounding our Bow River and Central Alberta pipeline systems.

lower volumes were transported due to less drilling activity and natural decline surrounding our bow river and central alberta pipeline systems


on the futures curve have to increase in price to ensure greater international and deepwater investment for future supply.


That's one of the main reasons that we switched to this design, was to have that flatter decline profile after bubble point is reached and for the following years.

that's one of the main reasons that we switched to this design was to have that flatter decline profile after bubble points reached and for the following years


we just don't view those as being a material problem with respect to our company, given the fact that we don't have very many vertical wells

we just don't view those as being a material problem with respect to our company given the fact that we don't have very many vertical wells


it would be more of kind of all costs going up to some degree, which is not the direction we want to be going.

it'd be more of kind of all costs going up to some degree which is not the direction we want to be going


Consistent net absorption across the broader markets has kept occupancy levels steady as new supply delivers.

consistent net absorption across the broader markets has kept occupancy levels steady as new supply delivers


Obviously, the most challenging aspect of discussing these bundled models is that, at this point, it's all speculative.

obviously the most challenging aspect of discussing these bundled models is that at this point it's all speculative


While we are highly confident in our ability to fully comply with all provisions of the demonstration,

while we are highly confident in our ability to fully comply with all provisions of the demonstration


with a marquee customer base, sticky relationships, limited commercial competition and a phenomenal growth opportunity.

with a marquee customer base sticky relationships limited commercial competition and a phenomenal growth opportunity


any color on how much investment will be needed and what kind of margin pressure that would have? And if any of that investment has already started?

any color on how much investment will be needed and what kind of margin pressure that would have and if any of that investment has already been started


So we think we can keep this occupation and also the sales at this level.

so we think we can keep this occupation and also the sales at this level


we are benefiting from that cost reduction. But at the same time, we have started a number of new

we are benefiting from that cost reduction but at the same time we have started a number of new


And secondly, I wonder if you could comment on the sort of outlook for growth

and secondly i wonder if you could comment on the sort of outlook for growth


Finally, we are making an effort to heavily invest in research and development to bring us sustainable growth opportunities

finally we are making an effort to heavily invest in research and development to bring us sustainable growth opportunities


This trend will continue somewhat into our second quarter as we expect to experience higher inventory levels

this trend will continue somewhat into our second quarter as we expect to experience higher inventory levels


We do continue to experience commodity cost pressures as we move into the second half. And this does include

we do continue to experience commodity cost pressures as we move into the second half and this does include


So I want to come back and look at the platform again in a different lens. It's a little simpler way to look at it. You see on the

so i want to come back and look at the platform again in a different lens it's a little simpler way to look at it you see on the


able to be played with and used by our sales team so they can understand what we're talking about and what we're trying to do.


We also see companies working on technology that can be standardized if they have the ability to effectively deliver the technology into the standards

we also see companies working on technology that can be standardized if they had the ability to effectively deliver the technology into the standards


As we look at the months in the quarter, we expect new software for the industry to grow in May, with Uncharted 4, DOOM

as we look at the months in the quarter we expect new software for the industry to grow in may with uncharted 4 doom


treating business decisions at every level as an owner would. But they do it with the devotion to who we do it with and for.

treating business decisions at every level as an owner would but they do it with the devotion to who we do it with and for


The second one is because of the play we've now better understood the counterparty stress test that the Fed runs,

the second one is because of the way we've now better understood the counterparty stress test that the fed runs


to strengthen our ability to holistically support our clients drug discovery, early development and manufacturing efforts

to strengthen our ability to holistically support our clients' drug discovery early development and manufacturing efforts


twice as fast as the market does currently on mobile. We are growing, as far as video is concerned in line with the market

twice as fast as the market does currently on mobile we are growing as far as video is concerned in line with the market


We expect the contribution from base rent and the detraction our contribution from net recoveries to follow the occupancy trajectory throughout the year.

we expect the contribution from base rent and the attrition or contribution from net recoveries to follow the occupancy trajectory throughout the year


In addition, we continue to manage our cost and improve our bottom line as we get closer to cash flow breakeven and GAAP profitably.

in addition we continue to manage our cost and improve our bottom line as we get closer to cash flow breakeven and gaap profitability


We expect a public endorsement of our virtualization technology by this customer over the coming weeks.

we expect a public endorsement of our virtualization technology by this customer over the coming weeks


and flow, all important properties of insoluble sulfur, which can help our customers maximize the productivity of their operations.

and flow all important properties of insoluble sulfur which can help our customers maximize the productivity of their operations


I hope I've given you a sense of the strong pipeline for 2018 awards in all the end markets we serve around the world.

i hope i've given you a sense of the strong pipeline for 2018 awards in all the end markets we serve around the world


I cannot provide any further information at this time, other than to say that this was, obviously, a very significant decision

i cannot provide any further information at this time other than to say that this was obviously a very significant decision


We don't have a similar really big one that we are implementing this year. We're still going to get up to 110,000 retirees

we don't have a similar really big one that we are implementing this year we're still going to get up to 100 000 retirees


And that is because of clearly working capital optimization initiatives that we had taken up during the year as well as supported by

and that is because of clearly working capital optimization initiatives that we had taken up during the year as well as supported by


Results also reflect less provider abrasion, better cash flow for our customers on top of the improved results

results also reflect less provider abrasion better cash flow for our customers on top of the improved results


So we have nothing further to add on the call today. However, we said from the outset that our goal in bringing the lawsuits

so we have nothing further to add on the call today however we said from the outset that our goal in bringing the lawsuits


And what is your view on sort of market share and pricing in the industry in a more broader sense?

and what is your view on sort of market share and pricing in the industry in a more broader sense


The government health care consulting business continues to be a very strong performer with steady growth in both revenue and earnings contributions.

the government healthcare consulting business continues to be a very strong performer with steady growth in both revenue and earnings contributions


for the quarter, and I used the word traditional advertising, not the advertising now that we are doing through all the digital mediums like Amazon,

for the quarter and i use the word traditional advertising not the advertising now that we are doing through all the digital mediums like amazon


and the positive experience that we've had in both large and small PI. And finally, the Travel division increased profits materially.

and the positive experience that we've had on both large and small pi and finally the travel division increased profits materially


But how pronounced it would be and how notable it would be, we'll be able to provide guidance on that when we're a little bit closer to it.

but how pronounced it would be and how notable it would be we'll be able to provide guidance on that when we're a little bit closer to it


We will open the call with Jim's update on our business strategy moving forward, followed by Bob's review of our financial results for the second quarter.

we will open the call with jim's update on our business strategy moving forward followed by bob's review of our financial results for the second quarter


as well as gains in operating efficiencies, including greater overhead absorption resulting from higher production volumes.

as well as gains in operating efficiencies including greater overhead absorption resulting from higher production volumes


Someone will travel a long way, but not with frequency. When we look at most of our stuff from marketing perspective, and our current

some will travel a long way but not with frequency when we look at most of our stuff from a marketing perspective and our current


using technology, how to acquire cost effectively opportunities in credit that work and make sense.

using technology how to acquire cost effectively opportunities in credit that work and make sense


opportunities are presenting themselves for active antenna programs that address certain urgent battlefield vulnerabilities.


For example, we are looking at several technologies to roll out fiber in a cheaper and more efficient way.

for example we are looking at several technologies to roll out fiber in a cheaper and more efficient way


When I commit, I deliver, supported by a very committed new management

when i commit i deliver supported by a very committed new management team


And building a better REIT also speaks to the ongoing focus to make our business better every day by working tirelessly to execute our strategy.

building a better reit also speaks to the ongoing focus to make our business better every day by working tirelessly to execute our strategy


It's kind of what happened. It really didn't have too much to do with production cost, more it just had to do with just the general increase in the value of raw milk.

that's kind of what happened it really didn't have too much to do with production costs more just had to do with just the general increase in the value of raw milk


and driven primarily by lower freight cost versus last year, as we anniversaried the impact of the West Coast port issues.

and driven primarily by lower freight costs versus last year as we anniversary the impact of the west coast port issues


but that the latter program also will be of appeal to a subset of advisers for whom outsourcing of fund recommendations would prove attractive.


may differ materially from these statements due to a variety of factors including the precautionary statements referenced in our discussion today


the material numbers. Now there are other factors that go into development in other parts of the world that can take a long time to get permits.

the material numbers now there are other factors that go into development in other parts of the world it can take a long time to get permits


First, let me remind everyone that many of our comments today are not historical facts and are considered forward-looking statements under federal securities laws.

first let me remind everyone that many of our comments today are not historical facts and are considered forward-looking statements under federal securities laws


We embrace change perhaps now more than ever. And we pride ourselves on our corporate culture, a culture of service to others.

we embrace change perhaps now more than ever and we pride ourselves on our corporate culture a culture of service to others


Depending on where you all live, that is one of the significant factors that goes into which airline you tend to prefer.

depending on where you all live that is one of the significant factors that goes into which airline you tend to prefer


We continue to work across our supply chain to create menus with more vegan, vegetarian and plant-forward options

we continue to work across our supply chain to create menus with more vegan vegetarian and plant-forward options


offerings into what we think are going to be the most attractive and interesting markets in the next upturn. And I think the company is really well positioned for that upturn. Yes. No, I

offerings into what we think are going to be the most attractive and interesting markets in the next upturn and i think the company is really well positioned for that upturn


Really, the only thing, Charlie, that's a little -- and you see it on the chart, a little more transactional in nature is the small business marketing.

really the only thing charlie that's a little and you see it on the chart a little more transactional in nature is the small business marketing


test growth on the sort of legacy core Neo business is pretty phenomenal and you're saying that

test growth on the sort of legacy core neo businesses is pretty phenomenal and you're saying that


At the same time, we are actively managing the ongoing normalization of lender-placed with our expense management initiatives.

at the same time we are actively managing the ongoing normalization of lender placed with our expense management initiatives


of the technical margin result, which has been progressively managed and is going to be managed. And so I'm

of the technical margin result which has been progressively managed and is going to be managed and so i


and we closed our first renewable energy royalty transaction and launched a renewable royalty business, which we are very excited about.

and we closed our first renewable energy royalty transaction and launched a renewable royalty business which we are very excited about


post the initial Phase I study that have been exposed to both 101 and nusinersen and if there's any data that you could collect there that could inform

post the initial phase i study that have been exposed to both 101 and nusinersen and if there's any data that you could collect there that could inform


We are integrating from a marketing standpoint and putting more of our resources into

we are integrating from a marketing standpoint and putting more of our resources into


and the reduction in tax benefits on holding company interest expense due to the lower federal tax rate resulting from U.S. tax reform.

and the reduction in tax benefits on holding company interest expense due to the lower federal tax rate resulting from u s tax reform


continued to progress largely as we expected, and we're now through the worst of the tough quarterly fuel margin comparisons

continued to progress largely as we expected and we're now through the worst of the tough quarterly fuel margin comparisons


and then working with partner airlines as well. So all of the activities that we've spoken about previously are ahead of

and then working with partner airlines as well so all of the activities that we've spoken about previously are ahead of


The higher earnings mainly reflect a reversal of provision for losses on guarantee obligations for the North Sea oil project.

the higher earnings mainly reflect a reversal of provision for losses on guarantee obligations for the north sea oil project


and they occur some in the beginning of the year, some in the middle part of the year. So we're usually able to be

and they occur some in the beginning of the year some in the middle part of the year so we're usually able to be


we're beginning to focus on those customers where we can deliver the most value and consequently, extract the most value from our perspective.

we're beginning to focus on those customers where we can deliver the most value and consequently extract the most value from our perspective